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NOTICE OF REGULATION HEARING

to be held April 11, 2019, at 10:00 AM

Contact: Reyn Norman, General Counsel

(334) 241-4116

2/21/2019

Notice is hereby given that a hearing will be held at 10:00 a.m. Central Time, on Thursday, April 11, 2019, in the offices of the Alabama Department of Insurance, 201 Monroe Street, Fifth Floor Conference Room, RSA Tower, Montgomery, Alabama, as follows: 

 

Amendments to Section 4 of Insurance Regulation No. 129 [Rule 482-1-129-.04], which sets forth the definitions for the regulation dealing with the disclosure of certain minimum information about annuity contracts.  The amendments delete the definitions of two terms that are not used in the regulation, and adds a definition for “registered product.”  The amendments will become effective April 21, 2019.  (4 pages)

 

Amendments to Section 6 of Insurance Regulation No. 129 [Rule 482-1-129-.06], which sets forth the standards for annuity illustrations.  The amendments take into account disclosures necessary to inform consumers in light of the product innovations currently in the marketplace and are consistent with recent revisions to the Annuity Disclosure Model Regulation developed by the National Association of Insurance Commissioners.  The amendments will become effective April 21, 2019.  (22 pages)

 

Adoption of new Insurance Regulation No. 162 [Rule 482-1-162], which relates to processing the registration and maintaining records of persons filing registration as vehicle protection product warrantors.  The new regulation sets the fees for initial and annual renewal of registration at $250, as authorized in Section 8-33-11, Code of Alabama 1975.  The new regulation will become effective April 21, 2019.  (2 pages)

 

Adoption of new State Fire Marshal Regulation No. 111 [Rule 482-2-111], relating to the administration and enforcement of the pyrotechnic display permit requirements, as necessary to implement the provisions of Sections 8-17-230, et seq., Code of Alabama 1975.  The new regulation will become effective April 21, 2019.  (5 pages)

 

Amendments to Section 9 of Preneed Regulation No. 3 [Rule 482-3-003-.09], relating to the requirements for a certificate of authority.  The amendments specify that renewal applications are to be filed on or before July 1 of each year, that there is a fine for each day after July 1 that a certificate holder fails to file its annual statement or, if applicable, a statement of trust activities, that failure to file the annual statement or, if applicable, the statement of trust activities shall, upon notice to the certificate holder, result in the suspension of the authority; and that a certificate of authority expires on September 1 unless properly renewed, all of which is required in Section 27-17A-11, Code of Alabama 1975.  The amendments will become effective April 21, 2019.  (2 pages)

 

Amendments to Section 14 of Preneed Regulation No. 3 [Rule 482-3-003-.14], relating to Preneed Sales Agents.  The amendments remove the amount of the preneed sales agent registration fee and adds a reference to Rule 482-3-002-.02 where the fee is established.  The amendments will become effective April 21, 2019.  (2 pages)

 

Any person wishing to submit testimony at said hearing is requested to submit said testimony in writing by April 6, 2019, to the Alabama Department of Insurance, Attention:  Legal Division, Post Office Box 303351, Montgomery, Alabama  36130-3351.  Any written submission of testimony prior to the hearing will not preclude anyone from making an oral or written presentation at the hearing. 

 

A copy of the regulations may be obtained by written request to the Alabama Department of Insurance, Post Office Box 303351, Montgomery, Alabama  36130-3351.  The request must include payment of $1.00 per page and a self-addressed, postage paid return envelope.  A scanned copy may be obtained at no charge via electronic mail.  You may send an e-mail request to Raymond.Taylor@insurance.alabama.gov.